Lifestyle is playing a huge role in where high-net-worth (HNW) individuals decide to live. A recent report from Savills reveals that London remains the top choice for those looking for shopping, dining, and cultural experiences.
This study, titled Spotlight on Wealth Trends, shows that lifestyle has become a key factor in global migration of wealth. Despite worries about upcoming tax reforms in the UK, London continues to attract the wealthy.
Kelcie Sellers, a research director at Savills, noted, “Today’s wealthy prioritize lifestyle over quick financial returns.” She compared this shift to the rise of air travel in the 1960s, highlighting how digital advancements have changed how people think about location.
The report features the Savills HNW Individuals Hotspot Index, which ranks global destinations based on business environment, family support, legacy, lifestyle, and privacy. London scored 7.02 for lifestyle, outpacing cities like Tokyo and New York, which scored 6.26 and 6.10, respectively.
As London prepares for tax changes expected on November 26, experts express concern that these adjustments could have significant impacts on HNW individuals. Taxes on Limited Liability Partnerships (LLPs), inheritance, income, and capital gains are all under scrutiny.
The focus on lifestyle extends beyond city living. More people are choosing coastal and ski areas, which have become attractive year-round homes. Places like Aspen, Monaco, and Miami are emerging as top choices, competing with more traditional wealth centers. Historical data shows that cities often dominate wealth rankings, but today’s shifting preferences reflect a broader trend towards flexibility and quality of life.
Notably, Dubai leads globally in international school options, making it a top spot for families. In fact, it boasts 168 schools, more than cities like Madrid and Mumbai, which each have over 70. This is an important consideration as families weigh their lifestyle choices.
In summary, a new kind of map for wealth is emerging. It’s less about passing down legacy and more about the adaptability and vision of cities to attract a globally mobile population. As Sellers puts it, “The next hotspot may not be a long-established city but somewhere new that can offer desirable lifestyle features.”
